According to a new market report published by Credence Research “Aerospace Plastics Market – Growth, Future Prospects & Competitive Analysis, and Forecast 2016 – 2023,” the aerospace plastics market is expected to reach US$ 15.7 Bn by 2023, expanding at a CAGR of more than 6.7% from 2016 to 2023.

Plastics have attracted large number of end-user industries due to its advantages for wide range of applications. Lightweight materials, fuel savings, corrosion resistant and freedom of designs among others are the major advantages of plastics. These advantages of plastics have substituted metal parts in the aerospace industry. The use of plastics makes the planes safer, lighter and more economical. Plastics are not only used for interior parts but also for exterior parts such as technical parts, structural elements, etc. Hence, the use of technical composites and plastics has rapidly grown in the aviation industry. Growing demand for lightweight materials due to fuel savings and reduced weight of the planes is the major factor driving the demand for aerospace plastics in the market. In addition, reduced fuel consumption due to lightweight of planes is another factor promoting growth of global aerospace plastics market worldwide. Hence, the aviation industry is anticipated to boost high growth for aerospace plastics in the market.

Based on applications, the global aerospace plastics market is segmented into empennage, airframe & fuselage, cabin areas, wings & rotor blades and flight deck & cockpit. Among these, airframe & fuselage accounted for major share of global aerospace plastics market in 2015 and is expected to increase in the near future. The lightweight materials in aviation industry help in fuel consumption which is the major factor leading to demand for aerospace plastics in the market. Flight deck & cockpit application is expected to follow airframe & fuselage application and is anticipated to increase in the near future. Other applications such as empennage, cabin areas and wings & rotar blades are also expected to boost growth of global aerospace plastics during the forecast period.

Competitive Insights:

Commercial & freighter aircrafts dominated the global aerospace plastics market in 2015 and is expected to drive the growth of global aerospace plastics market in the near future. The increase in fuel efficiency in compliance with reduced maintenance is the major factor driving the growth of global aerospace plastics market. Military aircrafts accounted as second largest market for aerospace plastics and is expected to increase demand for aerospace materials in the near future. Other end-user industries such as rotary aircrafts and general aviation are anticipated to fuel demand for aerospace plastics during the forecast period.

Key Trends:

Lightweight plastics

Reduced fuel consumption

Reduced Maintenance

Opportunities from research & development activities for additional applications of aerospace materials